Thursday July 14, 2022

• More subdued markets today as they look for direction from changing weather forecasts
• A good chance for scattered rains over the weekend is offering some relief to the crops both South and North of the boarder, however an overall hot dry new two weeks will stress the markets if these rains don’t materialize as forecasted 
• Crude oil continues to slip lower keeping the Ag markets in check 
• Russia increased their production estimate for their ’22 crop from 88.7 to 90.5 MMT
• Talks continue to progress between Ukraine and Russia regarding exporting their crop – a tentative agreement seems to be in place allowing movement through 3 ports 
  • However there is still much speculation as to if this will come to pass, or if it does if Russia will allow for safe passage of the grain through the ports